Forestry Australia Forest Valuation Committee and Working Group
A Formal Forestry Australia Committee was convened in September 2016, with Terms of reference including:

1. A standing Committee of Forestry Australia be created with the purpose of further development, managing updates and promoting the Australian Forest Valuation Standard.
2. The Committee will publicise meetings and invitations will be issued to Members of the Forestry Australia and other interested parties;
3. The Committee will seek to establish formal ties with the New Zealand Valuation Working Party; and
4. The Committee seek support from appropriate funding sources to provide funding for further development and promotion of the AFVS.

NZIF Forest Valuation Working Party
The NZIF Terms of reference is as follows:

1. To develop guidelines for forest valuation which include:
   • The purpose for forest valuation
   • Alternative approaches to forest valuation for each purpose
   • Guidelines on the appropriate method for each purpose
   • Standards of forest description
   • A checklist of valuation inputs
   • Guidelines on reporting format including:
   − Disclosure of valuation inputs
   − The methodology employed
   − Disclaimers
2. Reconciliation of change in value over time.
3. To liaise, as appropriate, with other interested parties both in New Zealand and overseas, and if necessary, co-opt other persons with specialist knowledge to assist in deliberations.
4. To recommend to Council means of implementing the guidelines including mechanisms for professional education.
5. To recommend to Council the desirability of frequency and format for collection and publication of commonly applied valuation inputs including log price information, discount rates and costs.
6. To recommend to Council the desirability of, and mechanics for the collection, analysis and publication of market values for forest sale transactions.

Notes:

1. Forest valuation guidelines should be developed for at least the following purposes:
   • Statutory reporting for companies (Public, Private, SOE, Local Bodies)
   • Prospectus promotion
   • Client reporting for:
   − Sale and purchase
   − Partnership accounts
   − Insurance cover
   − Compensation
   − Disputes/expert advice
   − Collateral
   − Taxation
   Forest valuation carried out by company or organisation staff for in-house use (e.g. management reporting or decision making) are beyond the scope of these terms of reference.
2. Current company accounting policy on the treatment of forest values in company accounts should be reviewed by the Working Party particularly in terms of any interaction and linkage with forest valuation methods. However, it is not the role of this Working Party to develop guidelines on accounting policy.
3. Forest valuation guidelines should, at least in the first instance, be restricted to the valuation of plantation in terms of monetary values.